The Statistics and Census Service (DSEC) released results of the Survey on Manpower Needs and Wages of Financial Activities for the third quarter of 2021. The Survey covers the Banking Sector, Other Financial Intermediation, Insurance and Activities Auxiliary to Financial Intermediation, including financial institutions supervised by the Monetary Authority of Macao, but excluding insurance agents and brokers not directly employed by insurance companies.
At the end of the third quarter of 2021, Financial Activities had 8,255 full-time employees; average earnings (excluding bonuses) of full-time employees in September 2021 were MOP29,730, up by 2.8% year-on-year.
The Banking Sector had 7,063 full-time employees, an increase of 0.9% year-on-year; their average earnings in September went up by 2.1% to MOP30,370. Other Financial Intermediation had 242 full-time employees, up by 2.1% year-on-year, with their average earnings rising by 3.6% to MOP26,020.
Insurance had 698 full-time employees, up by 6.9% year-on-year; their average earnings in September edged up by 0.4% to MOP30,100.
Number of full-time employees in Activities Auxiliary to Financial Intermediation went down by 27.2% year-on-year to 252, with clerks (174) decreasing by 30.1%; their average earnings in September, however, rose by 9.1% to MOP14,460 owing to a fall in the number of relatively low-paid employees.
At the end of the third quarter, job vacancies in Financial Activities increased by 22 year-on-year to 318, of which vacancies in the Banking Sector (272) rose by 23 while those in Insurance (28) remained unchanged. In terms of recruitment prerequisites, more than 90% of the vacancies in Financial Activities required knowledge of Mandarin and English; meanwhile, 99.6% of the vacancies in the Banking Sector and 100.0% of those in Insurance required tertiary education.
With respect to the Banking Sector, there were 280 new recruits and 243 employees leaving employment in the third quarter. The employee recruitment rate (4.0%) dropped by 0.4 percentage points year-on-year, whereas the employee turnover rate (3.4%) and the job vacancy rate (3.7%) grew by 0.4 and 0.3 percentage points respectively; this indicated that the demand for manpower in the Banking Sector was relatively stable in this quarter.
During the third quarter, a total of 9,742 employee participants from Financial Activities attended training courses provided by the establishment (including courses organised by the establishment or in conjunction with other institutions, and those sponsored by the establishment), a substantial decrease of 29.9% year-on-year. Number of vocational training participants from the Banking Sector totalled 9,004, and most of them took Business and Administration courses (72.7%), followed by Law courses (17.7%); in addition, 58.1% of the participants from this sector attended courses during non-office hours. As regards course fees, over 90% of the participants from Financial Activities took courses paid by the establishment.